Your local bank (of Mom and Dad), Interest Rates and Flippers

News from the National level strikes a familiar cord here in Kingsburg.
From Reuter news comes interesting facts that 1/3 of first time home buyers received either a large gift for their down payment or a loan from families to finance home purchases. The mortgage side of our business is seeing a lot of financing help from the “bank of Mom and Dad”.
From the New York Times an article sites that the Federal Reserve and Freddie Mac will maintain long-term interest rates through 2012. I wonder if an election year has anything to do with that decision.
And last but not least ……. CNN Money is reporting that FHA has waived their anti-flipping regulations in an effort to help stabilize the housing market. Now investors can purchase that distressed piece of property, rehab it and sell it on the FHA market. Maybe this waiver will help with some of those Shadow Properties we talked about last month that are expected this spring.
Now on with the housing market here in Kingsburg. In recapping and comparing the sales from 2010 to 2011, the numbers do show that our market here has stabilized somewhat as I have been stating for the past 6 months. In 2010 we had 101 sales and in 2011 we had 126 sales. Even the December 2011 numbers were good compared to most markets during the holidays. Inventory of available homes for sale still continues to stay low right at about 40 listings, give or take a few. Compared to a few years ago, we typically had 85 to 100 Active properties on the market.
The launch of our new “Bullseye Investor” services has been very well received. If you are interested in learning more about investment properties here locally, visit our new website at http://www.bullseyeinvestors.com or call us at 897-4077 and we’ll be glad to create a profile just for you.
All of us here at The Housing Connection and New Era Financial wish you and your family the very best in 2012!

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